FILE TODAY AND STOP HOME FORECLOSURE!

FORECLOSUREYes, you can save your home from foreclosure by filing bankruptcy. Immediately upon filing a bankruptcy, a federal law called the Automatic Stay protects you and your property from collection efforts, including foreclosure. Therefore, without the court’s approval, your lender cannot foreclose upon your home once you file bankruptcy.

In a Chapter 13 case, you can force your lender to accept payments to cure your default over time. For example, if you are $10,000.00 behind on your mortgage and your lender has not yet foreclosed, you may file a Chapter 13 case and cure your default by making your regular monthly payments plus a cure payment to the mortgage lender of $176.00 per month (in a 60 month case).

Furthermore, in certain limited circumstances, you can alter the terms of the loan to pay only as much as the property is worth. If you are in default on your mortgage and wish to keep the property, Chapter 13 is often the best solution.

AUTOMATIC STAYIf you are facing foreclosure, filing for bankruptcy under Chapter 13 places an “automatic stay” on your home. This stops the foreclosure process. Creditors are paid pursuant to a Chapter 13 Plan that is determined by the debtor and his or her attorney. The Plan is normally 36 to 60 months long and must be approved by the Court. Usually, the Plan has favorable repayment terms such as reduced interest on car payments and in many cases no payments to unsecured creditors like credit cards and medical bills.

LIEN STRIPPINGIf your home lost value during the housing market downturn and you have more than one mortgage, you have options. In some instances, it may be possible to "strip" your second mortgage. This means it is possible to eliminate your second mortgage or equity line of credit and never have to pay it back. You do not even need to be behind on your mortgages to qualify if you have other debts to deal with.

Is Lien Stripping Right for You?In order to get a second mortgage stripped from your property successfully, you must file a Chapter 13. Stripping off the second mortgage may help make the property more affordable for you. We can assess your situation and let you know if removing your lien is an option for you.

In the event that lien stripping is not possible, we will help you explore other options for debt relief. Chapter 7 or Chapter 13 may be beneficial for you if you are struggling with your debt.

Explaining Lien Stripping Requirements in an Easy-to-Understand MannerAt Brookhuis Bankruptcy we are knowledgeable about the requirements necessary for lien stripping in Georgia. We can analyze your situation and let you know whether you qualify and what steps are necessary for you to proceed.

GET YOUR FREE CONSULTATION TODAY!

Declaring bankruptcy in Georgia is too serious to be handled by either yourself or a petition preparer. There are numerous factors and pitfalls to consider. Even if you think your case is a simple one, you risk jeopardizing your existing assets if you do not work with an experienced bankruptcy lawyer. Contact Brookhuis Law or CALL OR TEXT (678) 390-8070, to get the Bankruptcy guidance that will lead you to a successful financial future.

Serving Metro Atlanta & Surrounding Counties

Brookhuis Law, LLC is a bankruptcy, family law and general litigation firm serving clients in the metro Atlanta area, as well as Fulton, DeKalb, Henry, Clayton, and surrounding counties.